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What if the world had been following Islamic financial practices?

Posted on 10 January 2011

From Gardian: It has its limitations, but it’s worth considering how the Islamic approach to banking might have prevented the financial crisis. Islamic finance extends beyond its well-known characteristics: interest-free banking and the prohibition of investment in items or activities deemed un-Islamic, such as prostitution, gambling, pornography, pig farming and alcohol.
In contrast to conventional loans, Islamic bank loans are confined to financing the purchase of physical assets, to which they have recourse in case of default……………………………………….Full Article: Source

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Laxman - who has written 19160 posts on Opalesque Islamic Finance Briefing.


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